Rubber market up slightly in a quiet market
KUALA LUMPUR - Malaysian rubber prices improved slightly on Monday after the latest US jobs report showed a slower growth, fueling speculation of a possible Federal Reserve (Fed) pause in September.
The United States (US) Non-farm Payroll (NFP) figures released last Friday fell short of expectations, with only 187,000 jobs added compared to the consensus estimate of 200,000.
A dealer said the market was quieter today as investors are now awaiting trade, inflation and jobless claims data from US this week to gauge the Fed’s future monetary tone.
Investors are also looking forward to China’s stimulus promises following top economic committees joint statement citing that the government will unlock more measures to boost consumer spending and improve local liquidity.
However, no major details were offered on the planned stimulus.
At home, the Malaysian Rubber Board’s (MRB) price for Standard Malaysian Rubber 20 (SMR 20) was up 1.5 sen to 578.0 sen per kilogramme (kg), while latex-in-bulk was flat at 479.5 sen per kg.
At 5 pm, the MRB’s reference price for physical rubber SMR 20 stood at 575.0 sen a kg, while latex-in-bulk was at 477.5 sen a kg. - BERNAMA
